FINs mostly used for domestic purposes, say HMRC

HMRC have published their third report on the use of Financial Institution Notices (FINs) covering the period from 1 April 2023 to 31 March 2024. HMRC summarise the report’s key findings as follows: ‘The report shows there has been a significant reduction in the average time taken to respond to international information of exchange requests with the UK continuing to exceed the international standard. It also sets out that the greatest number of FINs issued were for domestic purposes with a growth in those numbers from last year. The number of FINs issued for international information of exchange requests also increased in absolute terms but fell in percentage terms compared to last year.’